Alliance Grain stock falls 7 pct on price target cuts

May 14, 2012|Reuters

WINNIPEG, Manitoba, May 14 (Reuters) - Shares of AllianceGrain Traders Inc fell 7 percent in early trading onMonday after several analysts cut their share-price targets forthe Canadian processor of pulse crops such as lentils.

Alliance delivered lower than expected first-quarter resultson Thursday as it struggles to maintain sales to buyers in Indiaand Turkey under tighter credit conditions.

Analysts from Macquarie, Raymond James, CIBC, CanaccordGenuity and National Bank Financial have all cut their pricetargets for the Regina, Saskatchewan based company sinceThursday.

Shares of Alliance Grain were down 7.2 percent, or 85Canadian cents, at C$11.03 in Toronto.